A warning has been issued as all petrol and diesel drivers will be penalized under the New Vehicle Tax Act.
From 11 April, the Vehicle Excise Tax (VED) rate will increase for everyone in the UK.
Experts warn that vehicles that produce the most air pollution will be affected the most.
Read more: A simple driving mistake that could result in a $5,000 fine
Close Brothers Motor Finance spokeswoman Sean Kemple warns that gasoline and diesel owners will be more affected by the type of vehicle they purchase.
The VED rate for vehicles generating more than 255 g/km of CO2 pollution will increase to 2,365, a 120-fold increase from the current 2021 rate.
Meanwhile, 105 cars producing 226-255 g/km and 75 cars producing 191-225 g/km.
Any vehicle that produces more than 75 g/km of CO2 will have a price increase.
Kemple also warns of the challenges ahead, hoping drivers will switch to electric vehicles.
He said the government must offset tax revenues as more drivers start dumping traditional gasoline and diesel cars.
In an interview with Express, he said: You can see incentives from a tax perspective on road taxes and the in-kind benefits of moving to low-emission vehicles.
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It’s a win-win situation because it’s better for everyone involved.
The question, then, is how the government will offset the tax revenue it can get from gasoline and diesel vehicles.
This will show gasoline and diesel consumers. From their point of view, I think you are being penalized by the type of vehicle you buy.
The Treasury previously estimated that 40 billion black holes would have to be filled due to losses in VED and fuel tariff rates.
The VED increase will come into effect from 1 April 2022.
The changes were first announced in the budget last fall.
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HM Revenue and Customs said it has increased VED rates so that they can be adjusted upwards to the Retail Price Index (RPI).
They said if they raise VED rates in 2022, the rates will be practically flat.
They said these changes will allow drivers to contribute fairly to public finances.
They added: The bill would affect drivers who own a car, van or motorcycle or use a motorcycle trade license.
The increase in the VED rate is consistent with the RPI. This means that the vehicle owner’s effective rate remains the same.
Let us know what you think in the comments section below.
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